6Mar
Forex trading

Forex Market Trading Signals and News of 6th March 2014

INTERNATIONAL CURRENCY BUZZ

Forex – Dollar advances against yen, euro slides
Forex – USD/JPY extends gains ahead of U.S. data
Forex – EUR/USD hits session lows despite upbeat EZ data

EUR/USD
EUR/USD hit lows of 1.3707, the weakest since Friday, and was last down 0.22% to 1.3711.The pair was likely to find support at 1.3685 and resistance at 1.3743, the session high.The euro remained lower despite data on Wednesday confirming that the final euro zone composite purchasing managers’ index was revised up to a 32-month high of 53.3 from a preliminary estimate of 52.7.The euro area services PMI rose 52.6 in February, from a final reading of 51.6 in January and higher than the flash estimate of 51.7.Germany’s composite PMI soared to a 33-month high but France’s fell to a two-month low of 47.7. The rate of growth in Italy’s service sector rose to an almost three year high last month.

USD/JPY
USD/JPY touched highs of 102.47, the highest since February 26 and was last up 0.23% to 102.45.The pair was likely to find support at 101.75 and resistance at 102.80.Risk appetite recovered as the threat of war between Russia and Ukraine eased after Russian President Vladimir Putin said on Tuesday that a military deployment in Ukraine is not needed now.Investors remained cautious with Russian forces still maintaining a military presence in Ukraine’s Crimea region, but diplomatic efforts to end the standoff continued.Markets were looking ahead to a report on U.S. private sector jobs growth, and data from the Institute of Supply Management on service sector growth due out later in the trading day.

RECOMMENDATION
1. Buy GBP/USD Above 1.6740- TG: 1.6760/ 1.6800 SL 1.6700
2. Sell GBP/USD Below 1.6690- TG: 1.6670/ 1.6630 SL 1.6730

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